Following what your customers are talking about, listening to them, and then delivering on their needs is an important task that you can fulfill with timely customer-centered market research. Marketing research is a systematic process for identifying marketing opportunities and solving marketing problems, using customer insights that come out of collecting and analyzing marketing information. And thus, Instagram was born. With regular research, you can not only learn to anticipate their next move but be in a better position to avert any possible damage from their end. Identifying problem and opportunities in the market:. It helps in avoiding mistakes such … It isn’t as expensive as you think and doesn’t take that much time. Easily Spot Business Opportunities. What comes first, the market or the idea? For example, if you are a retail company, conducting market research can help you identify locations where your store can profit the most. Marketing research is important for evaluating what is and is not working in your business model. According to a study conducted by Statista.com, 26% of all market research is conducted through online quantitative methods, with online surveys accounting for a major share of 79%. While there were many factors involved in why Nokia had such a spectacular fall from grace within the electronics market, ultimately, they failed to research and understand the changing market trends. The famous KFC case, where their company slogan “Finger Lickin’ Good” translated as “Eat Your Fingers Off” in Chinese is a great example of this. As technology keeps advancing, market research keeps evolving. Similarly understanding the wider market environment can help identify new opportunities for your business. As a startup founder, you may think being original is all about being focused on what you’re doing and not worry about what everyone else may be up to. While you should certainly keep your focus on your own efforts, it is critical – and smart – to keep tabs on your rivals and know what they are thinking or planning. It includes reports, government funded studies, textbooks, historical records and statistical databases. How to conduct market research First, it is important to establish clear goals for the market research activity you will undertake. Market research It is important to establish consumers' needs before launching a new product. It guides you towards opportunities where you have the most room to innovate and take risks with the highest return potential. To know which risks to take and when to take the plunge are attributes of successful innovators. The company has a whole dedicated platform ‘My Starbucks Idea’ where employees and customers and anyone who wants can pitch in and share what they think the company should do next, the flavors it should try, the new products it should launch, bring back some old favorites, and more. A lot of government agencies conduct market research for various purposes. As the market changes its important to continue to research and understand ways you can improve on your offering based on the changing consumer preferences or market dynamics. You can also use market research to learn ways you can reduce expenses without hurting the business, find out how to amplify your digital marketing or introduce a new employee incentive program. Pretty soon into launch, however, and by investing in robust market research (a part of which they conducted themselves) the founders realized that their video dating app is not what their customers are looking for. 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